Vice President Kamala Harris’s campaign is making efforts to reset the relationship between the Democratic Party and the cryptocurrency industry, which has shown strong support for her rival, Donald Trump. Her team has reached out to major crypto companies like Coinbase, Circle, and Ripple Labs, aiming to build a more constructive relationship and set a smart regulatory framework for the industry.
Harris’s overture comes at a crucial time, as Trump, once a skeptic of crypto, has now embraced the industry and is receiving significant support and funding from it. A pro-crypto super PAC, Fairshake, has raised over $200 million, with contributions from major players like Coinbase and Ripple.
The Harris campaign’s approach is not just about securing electoral contributions but also about changing the perception that Democrats are anti-business. By resetting relations with the tech industry, especially in her home state of California, Harris hopes to attract those who felt targeted by the Biden administration’s regulatory stance.
The crypto community views Harris’s willingness to engage as a positive sign, contrasting it with the Biden administration’s perceived hostility. Prominent venture capitalists like Marc Andreessen and Ben Horowitz, who have shifted their support to Trump, have criticized the current administration’s handling of the crypto industry.
In essence, Harris’s campaign aims to show that Democrats can be “pro-business, responsible business,” hoping to win back support from the tech and crypto sectors.
